Planning consent has been granted for Legal & General Modular Homes to deliver 185 homes in Lockleaze, Bristol. The scheme, which has been developed in conjunction with Bristol City Council, will see two-, three- and four- bedroom houses along with one- and two-bedroom apartments developed on land at Bonnington Walk. 50% of the homes will be delivered as affordable housing and it is intended that these become part of Bristol City Council’s affordable housing stock. All homes have been designed to achieve an Energy Performance Certificate (EPC) ‘A’ rating, a standard met by only around 1% of new and existing dwellings in England & Wales, and the site master plan has been created which will deliver a net biodiversity gain following the development of this site.
22 Dec 2020
Legal & General’s modular housing business has continued to grow, now employing over 300 team members. Since May, it has secured planning approval for nearly 350 homes, as it moves towards delivering 3,000 homes a year at maturity.
From its factory in Sherburn-in-Elmet in Yorkshire, Legal & General Modular Homes is providing an innovative approach to the design, production and construction of homes, driving up quality, efficiency and productivity to deliver highly energy efficient sustainable homes. At Bonnington Walk, Legal & General will deliver a full development proposition; from buying land, developing the product and managing the planning application through to delivery.
Worth an estimated £40 billion to the UK, the modular construction sector is transforming and helping standardise the way homes are built. With the importance of quality housing having been emphasised over successive lockdowns, modular construction is offering an impactful solution, supporting UK jobs and helping to meet government’s objective to build more affordable, carbon-friendly housing. Legal & General’s modular housing factory, for example, offers multi-skilled employment opportunities, including across design, finance, engineering, procurement, construction and production.
The Bonnington Walk scheme has been brought forward in collaboration with Bristol City Council and consulted on widely by the local community. It represents an important new development in Bristol where Legal & General already has a significant interest through a £240m stake in the regeneration of Temple Quarter, a Build to Rent development and a proposed major mixed-use scheme on Temple Island. Together with Bonnington Walk, these schemes provide a springboard for a long-term partnership with Bristol City Council, helping it deliver a large proportion of the 16,000 new homes required across the city.
As well as providing much-needed homes, the proposed development at Bonnington Walk will see improvements made to adjoining areas of the site as part of a long-term plan for investing in Lockleaze. New allotment patches and accessible green open space will be introduced to complement the existing community orchard, a new local community hub will be built, and walking, cycling and road improvements will be made.
Rosie Toogood, CEO of Legal & General Modular Homes: "Using modular construction, Legal & General will be able to deliver much needed, high quality and sustainable homes that are affordable in half the time of traditional methods. In a post pandemic environment, the availability of affordable homes - set within beautiful open spaces - which create a well-connected local community will be more important than ever before.
Our journey to revolutionise the UK’s construction industry is well underway, and planning consent at Bonnington Walk, Bristol is testament to this. With planning permission for 350 homes this year, the business is making great steps forward. This Bristol scheme, along with our consented scheme in Selby, will really showcase the benefits of modern modular construction."
Councillor Nicola Beech, Cabinet Member for Strategic Design and City Planning: "I’m pleased that members have voted to approve planning permission for affordable housing at Bonnington Walk. The development will provide a boost to biodiversity in the area, including making a contribution towards a new allotment. As part of the Bristol Housing Festival and Innovate UK project, this new scheme proves that by doing things a little differently we can deliver much-needed affordable, sustainable new homes in Bristol."
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these underpin our leading retirement and protection solutions: we are a leading international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2022
Legal & General Capital (LGC) is Legal & General Group’s alternative asset platform, creating assets for Legal & General Retirement and third-party clients in order to achieve improved risk-adjusted returns for our shareholders. LGC has built its capabilities in a range of alternative sectors, including in residential property; specialist commercial real estate; clean energy; alternative credit; and venture capital, which are all supported by long-term structural growth drivers, meet a financing gap and respond to a scarcity of supply that is underpinned by enduring societal needs.
Its purpose is to invest society’s capital for society’s benefit. Investing in the real economy and supporting the Group’s focus on climate and inclusive capitalism, LGC’s investments create jobs, change lives and contribute towards a net zero carbon future.
Legal & General has invested over £29bn in levelling-up regional economies, including through major UK-wide regeneration schemes and has recently made a commitment to enable all its new homes to operate at net zero carbon emissions from 2030.
*at 31 Jun 2021